Palmetto slips with a second consecutive weekly loss
Palm oil ended lower on Friday, and recorded a second consecutive weekly loss. This was due to a decline in Chicago soyoil and the persistently slow performance of Malaysian palm oil exports. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange lost 37 ringgit or 0.84% to 4,376 Ringgit ($990.27). The contract has lost 4.37% in the last week. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower. This was due to the weakness in Chicago soybean futures as well as a slowdown in Malaysian palm oil.
VEGOILS - Palm up in hopes of better demand, but second consecutive weekly loss
Palm oil prices rose on Friday, on the hope of improved demand from India and China. However, they were still heading for their second consecutive weekly loss because of weakness in Chicago soyoil contracts and Malaysian palm oil exports that have been slowing down. By midday, the benchmark contract for palm oil delivery in June on the Bursa Derivatives Market gained 5 ringgit or 0.11% to 4,418 Ringgit ($999.32). This week, the contract has fallen by 3.45%. Anilkumar bagani, Sunvin Group's head of research, said that the futures traded sideways with prices opening lower.
Export data from surveyors show palm gains on Dalian
The price of Malaysian palm oils futures rose for the second consecutive session on Thursday. This was due to the strong performance in Dalian and the newly released export surveyors data. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 26 ringgit or 0.59% to $4,415 ringgit (US$997.97) per metric ton. A Kuala Lumpur based trader stated earlier that the futures rose due to Dalian, while awaiting export data which would lead the market in the afternoon. Dalian's most active palm oil contract grew by 0.93%, while the soyoil contract that was traded fell 0.62%.
Palm prices end higher due to Indonesia's increased levy and weak Malaysian production
Malaysian palm oils closed higher on Wednesday, after Indonesia reaffirmed its intention to increase the palm oil export tax. Malaysia's lower production figures have however limited gains. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange gained 22 ringgit or 0.5% to 4,388 Ringgit ($990.07). The futures market resumed on a bullish note, mainly because Indonesia reaffirmed an increase in export taxes for palm oil. The weaker Malaysian performance of palm oil exports in the first half of march is still limiting gains, said Anilkumar bagani, head research at vegetable oils broker Sunvin Group.
Officials say that Indonesia will increase the palm oil export tax from 4.5% to 10%.
A plantation fund official announced on Tuesday that Indonesia would increase its palm oil export tax to between 4.5% to 10% of the crude oil reference price. This is an increase from the previous 3% to 7.5%. The new tax will be used to finance the mandated rise in the amount of oil used to make biodiesel. Indonesia increased the amount of palm oils in its biodiesel blend to 40% from 35% this year. It plans to increase it to 50% by 2026 and to a 3% mix for jet fuel in order to reduce fuel imports. Kabul Wijayanto said that the Plantation Fund Agency is responsible for collecting and distributing export levies.
IEA: Russia's oil export revenue fell in February
The International Energy Agency reported on Thursday that Russia's revenue from crude oil sales and oil products fell by 2.6% in February compared to the same period last year, to $15.88billion. This was due to the fall in crude oil price and the widening of discounts for Russian grades. The report also stated that Russian oil exports fell by 100,000 barrels a day (bpd), compared to January, following a recent round U.S. sanction. However, they were down nearly 500,000 bpd if viewed on an annual basis. Crude exports increased 90,000 BPD from the weak levels in December and January, while product exports dropped by 190,000.
VEGOILS - Palm oil prices settle higher despite uncertainty over Indonesia's export tax and US tariff threats
Malaysian palm futures recovered from early losses on Friday to record a second weekly gain. A stronger Chicago soyoil, a weaker dollar, and market uncertainty about Indonesia's export rate and U.S. Tariff threats offset the gains. The benchmark contract for palm oil delivery in April on Bursa Derivatives Exchange closed at 4290 ringgit (US$964.04), up 11 ringgit or 0.26%. The contract rose 1.76% after rising 0.62% last week. Paramalingam Supramaniam of Selangor's brokerage Pelindung Bestari said that the possibility of a reduction of 9% to 10% in Indonesian crude oil export levies…
Palm oil prices fall on Indonesian export levies and US tariff threats
Malaysian palm futures declined on Friday, as trading resumed following a two-day Lunar New Year break. The market was weighed down by uncertainty about Indonesia's export rate and U.S. Tariff threats. By midday, the benchmark April palm oil contract on Bursa Derivatives Exchange fell 19 ringgit or 0.44% to 4,260 Ringgit ($963.36) per metric ton. The contract is up 1% this week, after last week's 0.62% increase. Paramalingam Supramaniam of Selangor's brokerage Pelindung Bestari said that the possibility of a reduction of 9% to 10% in Indonesian crude oil export levies…
Indonesia will increase crude palm oil export tax to 10%
Indonesia's chief economic minister announced on Thursday that it will increase the export levy on crude palm oil (CPO), from 7.5% to 10%, to fund higher biodiesel subsidy. Airlangga Hartarto stated that the levy would be implemented as soon as the Finance Ministry has issued its relevant regulation. Indonesia, which is the largest palm oil producer in the world, collects levies for its mandatory biodiesel program, where the bio-content, or B40, will increase to 40% from the current 35% starting January 1. Subsidies will increase with a higher blend.
MPOC expects palm prices to remain above 4,800 Ringgit
The Malaysian Palm Oil Council (MPOC), an agency of the Malaysian government, said Tuesday that palm oil prices will remain above 4,800 Ringgit ($1,075.03) by December due to the recovery in soybean oil prices. MPOC stated that the price rise would be dependent on the supply conditions in Malaysia, Indonesia and especially if monsoons continue to be severe throughout December. This would disrupt production. The agency also said that the low energy prices would be a factor limiting the price rise. It added that palm…
Palm oil closes higher than rival oils, with possible tax increases on exports in Indonesia
Malaysian palm oils futures rose Monday after three sessions of declines. They were boosted by the stronger oil prices in rival countries and the expectation that Indonesia would raise its palm oil export taxes. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for February delivery gained 54 ringgit or 1.16% to $4,696 ringgit (1,055.76) per ton. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours.
Palm oil prices rise on the strength of rival oils, and a possible increase in export taxes.
The price of Malaysian palm oils futures rose on Monday due to stronger oil prices and the expectation that Indonesia may raise its palm oil export taxes in December. The benchmark contract for palm oil delivery in February on the Bursa Derivatives exchange gained 90 ringgit or 1.94% to 4,732 Ringgit ($1,062.89) per metric ton at the midday break. Anilkumar bagani, Sunvin Group's research head, says that the Malaysian palm oil futures have opened higher after recovering rival oils in Asian trading hours. He said…
Nigeria's Belemaoil resumes oil lease 55 operations after a three-year hiatus
The Nigerian independent producer Belemaoil Producing announced on Monday that it has resumed its operations at Oil Mining Lease 55, after a three year shutdown due to theft-related damage. Belemaoil purchased OML 55 from Chevron Corporation in February 2015, which is located in an area of swampy to shallow waters, about 40km west of Bonny's oil export terminal. Belemaoil's spokesperson stated that the OML 55 operations were stopped in 2021 because of rampant thefts from the delivery line leading to Bonny. The company claims that the block has five oilfields, which produce 14,000 barrels of crude oil per day.
Palm oil hits a three-week low, as other oils fall and India considers a duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Market fell 53 ringgit (1.36%) to 3,848 Ringgit ($888.07). The market is buzzing about rumours of an increase in import duties in India. "People are expecting a hike in all edible oils, which will have an impact on palm oil price," said a Mumbai trader.
Palm oil hits 3-week low, rival oils also fall as India considers duty hike
Malaysian palm futures fell to their lowest level for three weeks on Thursday, as a result of the expectation that India will increase import duties and due to the weakness in palm and soyoil contracts on Dalian's market. By midday, the benchmark palm oil contract on Bursa Derivatives exchange for November delivery was down 46 Ringgit or 1.18% at 3,855 Ringgit ($890.09) per metric ton. The market is buzzing about a possible increase in import duties for India. "People are expecting the increase on all edible oil soon, which could impact palm oil prices more," said a Mumbai trader.
Palm oil to gain for the first time in three months
The price of palm oil futures in Malaysia rose on Friday, and was set to rise for the first time monthly in three months. This was boosted by higher rival oil contracts. Traders were also waiting on news from Indonesia and India regarding export and import tax. By midday, the benchmark palm oil contract on Bursa Derivatives Exchange for November delivery rose 50 ringgit or 1.27% to $3,990 ringgit ($925.75). The contract is up 3.18% this week and 2.1% in the last month. Lingam Supramaniam is the director of Selangor brokerage Pelindung Bestari. He said that the palm market tracks the rise in Chicago oil and Dalian oils.
Palm oil prices fall as India's import tax worries counteract weak supply prospects
Malaysian palm futures closed lower on Wednesday, as fears over higher import taxes from India, the top buyer of vegetable oil in the world, outweighed the weaker outlook for supply from Indonesia, the top producer. The benchmark contract for palm oil for November delivery at the Bursa Derivatives exchange fell 3 ringgit or 0.08% to 3,920 ringgit (US$903.23) per metric tonne, for a second session in a row. Two government sources told reporters on Wednesday that India may raise import taxes on vegetable oil to protect farmers from falling prices of oilseeds. The announcement is expected to take place in the next few weeks.
Palm oil prices rebound on Indonesian supply concerns and biodiesel hope
Malaysian palm futures rose on Wednesday. This was boosted by a more positive outlook for the supply in Indonesia, and optimism about the plan of the country's top producer to increase its biodiesel requirement. The benchmark palm-oil contract for November delivery at the Bursa Derivatives exchange rose 13 ringgit or 0.33% to 3,936 Ringgit ($906.49) per metric ton. This was the fifth rise in six sessions before the midday break. Mitesh Saiya is the trading manager of Mumbai-based trading company Kantilal Laxmichand & Co.
Palm oil continues to gain on Indonesian supply outlook and biodiesel plans
The price of palm oil in Malaysia rose for the fifth day running on Tuesday. It was its biggest rally in six week amid expectations that supply would tighten and Indonesian plans to increase biodiesel blend rates. By midday, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange was up 0.71% at 3,952 Ringgit ($908.92) per metric ton. Anilkumar bagani, head of research at Mumbai-based Sunvin Group's vegetable oils brokerage, cited a Bloomberg article, to support the prices. The Indonesian Palm Oil…
Palm oil reaches a two-week high amid muted Indonesian supply outlook
The price of Malaysian palm oils futures reached a new two-week high Wednesday. This was boosted by the prospect of a weakening in supply from Indonesia, the world's biggest producer. However, softer data on exports capped gains. The benchmark palm-oil contract for delivery in November on the Bursa Derivatives Market closed up 39 Ringgit or 1.05% at $3,754 ringgit (US$858.06) per metric ton. The contract reached an intraday maximum of 3776 Ringgit, its highest level since August 6. The palm oil price is uncompetitive against soft oils due to Indonesian production not meeting expectations.
